Exhibit 12

Potash Corporation of Saskatchewan Inc.

Ratio of Earnings to Fixed Charges

(in millions of US dollars, except ratio amounts)

(unaudited)



|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|------------------------------------------------------- |  | ---------------------- | ---- | - | ---- | - | ----- | ---- |  | - | ----- | - |  | ---- | ----- | - |  | - | ----- | -
|                                                        |  | Year ended December 31 |     
|                                                        |  | 2016                   |      |   | 2015 |   |       | 2014 |  |   | 2013  |   |  | 2012 |      
|Net income                                              |  | $                      | 323  |   |      | $ | 1,270 |      |  | $ | 1,536 |   |  | $    | 1,785 |   |  | $ | 2,079 |  
|Income taxes                                            |  |                        | 43   |   |      |   | 451   |      |  |   | 628   |   |  |      | 687   |   |  |   | 826   |  
|Share of earnings of equity accounted investees         |  |                        | (95  | ) |      |   | (121  | )    |  |   | (102  | ) |  |      | (195  | ) |  |   | (278  | )
|Fixed charges                                           |  |                        | 242  |   |      |   | 250   |      |  |   | 253   |   |  |      | 259   |   |  |   | 272   |  
|Amortization of capitalized interest                    |  |                        | 31   |   |      |   | 29    |      |  |   | 27    |   |  |      | 23    |   |  |   | 18    |  
|Distributed income of equity accounted investees        |  |                        | 170  |   |      |   | 86    |      |  |   | 172   |   |  |      | 180   |   |  |   | 211   |  
|Interest capitalized                                    |  |                        | (11  | ) |      |   | (40   | )    |  |   | (41   | ) |  |      | (79   | ) |  |   | (102  | )
|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Earnings Available for Fixed Charges              |  | $                      | 703  |   |      | $ | 1,925 |      |  | $ | 2,473 |   |  | $    | 2,660 |   |  | $ | 3,026 |  
|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Fixed Charges                                           |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|                                                        |  |                        |      |   |     
|Interest expensed and capitalized                       |  | $                      | 218  |   |      | $ | 222   |      |  | $ | 225   |   |  | $    | 231   |   |  | $ | 244   |  
|Amortization of debt issue costs                        |  |                        | 4    |   |      |   | 5     |      |  |   | 5     |   |  |      | 5     |   |  |   | 5     |  
|Estimated portion of rent expense representing interest |  |                        | 20   |   |      |   | 23    |      |  |   | 23    |   |  |      | 23    |   |  |   | 23    |  
|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|Total Fixed Charges                                     |  | $                      | 242  |   |      | $ | 250   |      |  | $ | 253   |   |  | $    | 259   |   |  | $ | 272   |  
|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |  
|                                                        |  |                        |      |   |     
|Ratio of Earnings to Fixed Charges                      |  |                        | 2.90 |   |      |   | 7.70  |      |  |   | 9.77  |   |  |      | 10.27 |   |  |   | 11.13 |  
|                                                        |  |                        |      |   |      |   |       |      |  |   |       |   |  |      |       |   |  |   |       |